As a seasoned crypto investor with over a decade of experience in this dynamic market, I find myself constantly intrigued by the rollercoaster ride that is Bitcoin. The latest price action has been no exception, with BTC rallying to $64,082, only to face a significant resistance level and retreat to around $63,434.
The price of Bitcoin (BTC) surged up to 3% over the past 24 hours, peaking at approximately $64,082. Yet, it encountered a substantial resistance level near $64,000, which aligns with its 200-day moving average. Consequently, Bitcoin’s price dipped by roughly 1% to trade around $63,434 during the London trading session on Friday. In these 24 hours, it has demonstrated a volatility of 2%, and its market capitalization is approximately $1.25 trillion, with a total volume of $44.13 billion.
Due to increased price fluctuations, over $50 million was withdrawn from the Bitcoin market with margin trading, and the largest withdrawal of approximately $5 million took place on OKX during a single trade. Looking at the technical side, it’s possible that Bitcoin’s price may decrease more in the near future before eventually reaching its record high (ATH) again.
Based on insights from well-known cryptocurrency expert Ali Martinez, the TD Sequential indicator suggests it may be time to sell Bitcoin. This potential move could cause a more substantial short-term adjustment or downturn over the coming weekend.
If Bitcoin consistently manages to close above the significant level of approximately $64K, the crypto expert predicts that its price could surge toward a new record high.
Looking at the daily Bitcoin chart, the Relative Strength Index (RSI) has surpassed a significant resistance trendline, suggesting a potential bullish surge ahead!
Yet, for the bull run to persist, BTC must regain its 200-day moving average as a solid foundation.
— Ali (@ali_charts) September 19, 2024
Bitcoin Whales on the Hunt
Based on an examination of transaction data, it appears that large Bitcoin investors (often referred to as “whales”) have significantly boosted their trading activities, with miners leading the charge. In the last month alone, the amount of Bitcoin held by various cryptocurrency exchanges has decreased by approximately 96,600 units. Specifically, on Coinbase Global Inc (NASDAQ: COIN) and Binance Holdings Ltd, the supply of Bitcoin in the past four weeks has fallen by 15,100 units and 58,300 units respectively. You can find more details about this trend here: [Link to tweet]
The significant drop in Coinbase was strongly influenced by the surging interest from issuers of the Bitcoin Spot ETFs. Over the past two weeks, these U.S. Bitcoin Spot ETFs recorded a net cash influx exceeding $700 million, with Fidelity’s FBTC taking the lead. On Thursday alone, the inflow for these ETFs was approximately $158 million.
Today saw some old-time Bitcoin miners, who hadn’t been active for more than 15 years, activate their wallets containing approximately 250 Bitcoins each.
Please note that many miner wallets dormant for more than 15.5 years are transferring $BTC!
5 miner wallets have transferred 250 $BTC($15.9M) in the past hour.
These wallets received 50 $BTC($3.18M) as mining rewards per block back in 2009.
Address:…
— Lookonchain (@lookonchain) September 20, 2024
Market Picture
Following the U.S. Federal Reserve’s first reduction in interest rates since the COVID-19 outbreak, it was predicted and subsequently confirmed on Friday that the Bank of Japan would maintain its rates at 0.25%. This decision could significantly increase liquidity in the global economy, potentially boosting the cryptocurrency market in the short term as it experiences a bull run.
It’s anticipated that the cryptocurrency sector may mirror the trajectory of the precious metals market, particularly gold, with a positive trend forecasted. Notably, the price of gold reached a record peak of over $2,609 per ounce earlier today.
As Coinspeaker noted earlier, if there’s a strong relationship between the prices of gold and bitcoin, it implies that when gold prices rise, so might bitcoin prices. This connection could cause the overall cryptocurrency market to move in sync, particularly during the last three months of the year, when there are generally higher expectations for growth.
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2024-09-20 12:58